The global composite coatings market is projected to reach USD 1,306.8 Million by 2022, at a CAGR of 7.7%, from 2017 to 2022. Increasing demand for composite coatings for anti-corrosion and self-lubrication in the transportation industry and anti-corrosion and chemical resistance in the oil & gas industry are the key factors leading to the growth of the composite coatings market.

The composite coatings market, by application, is further segmented into anti-corrosion, UV protection, thermal protection, and others. Composite coatings for the anti-corrosion application comprise a major market share due to their properties such as uniform coating thickness, accuracy, and consistency, and so on. Due to these features, they are utilized in large volumes in industries such as transportation, industrial, and oil & gas.

The major end-use industries in the composite coatings market include transportation, aerospace & defense, oil & gas, industrial, and others. The transportation end-use industry is the fastest-growing segment in the composite coatings market. Composite coatings offer various features including uniform coating thickness, accuracy, stiffness, and consistency in comparison to powder coatings, due to which these are utilized in the transportation, oil & gas, and industrial end-use industries.

North America is expected to be the fastest-growing market for composite coatings during the next five years. The main factors that are leading to its growth are, the increasing demand from the transportation and aerospace & defense industries. These advanced coatings are utilized for the different equipment used in these industries as these provide uniform coating thickness, accuracy, stiffness, and consistency, leading to the low maintenance cost required.

The global composite coatings market is rapidly growing, in terms of value. However, a few factors act as restraints in its growth in the global composite coatings market. The high production cost is a major restraint in the growth of the global composite coatings market.